Notice of Applications for Deregistration Under Section 8(f) of the Investment Company Act of 1940, 12952-12953 [2020-04474]
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Federal Register / Vol. 85, No. 44 / Thursday, March 5, 2020 / Notices
B. Restricted Use Compliant: Enforces
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C. Privacy: Implements and provides
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H. Violations: Has plans for
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I. Request Review: Has an established
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requests.
Chou America Mutual Funds [File No.
811–22394]
SECURITIES AND EXCHANGE
COMMISSION
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. On July 31, 2019,
applicant made liquidating distributions
to its shareholders based on net asset
value. Expenses of $32,432.84 incurred
in connection with the liquidation were
paid by the applicant’s investment
adviser.
Filing Date: The application was filed
on October 24, 2019.
Applicant’s Address: Three Canal
Plaza, Suite 600, Portland, Maine 04101.
[Investment Company Act Release No.
33808]
Dreyfus Funds, Inc. [File No. 811–
01018]
Notice of Applications for
Deregistration Under Section 8(f) of the
Investment Company Act of 1940
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. The applicant has
transferred its assets to BNY Mellon
Small/Mid Cap Growth Fund, a series of
BNY Mellon Investment Funds I.
Expenses of $164,048 incurred in
connection with the reorganization were
paid by the applicant.
Filing Date: The application was filed
on November 14, 2019.
Applicant’s Address: c/o BNY Mellon
Investment Adviser, Inc., 240
Greenwich Street, New York, New York
10286.
Sean C. Bonyun,
Chief of Staff, Office of Science and
Technology Policy.
[FR Doc. 2020–04530 Filed 3–4–20; 8:45 am]
BILLING CODE P
February 28, 2020.
khammond on DSKJM1Z7X2PROD with NOTICES
applicants, in the form of an affidavit or,
for lawyers, a certificate of service.
Pursuant to Rule 0–5 under the Act,
hearing requests should state the nature
of the writer’s interest, any facts bearing
upon the desirability of a hearing on the
matter, the reason for the request, and
the issues contested. Persons who wish
to be notified of a hearing may request
notification by writing to the
Commission’s Secretary.
ADDRESSES: The Commission: Secretary,
U.S. Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
FOR FURTHER INFORMATION CONTACT:
Shawn Davis, Assistant Director, at
(202) 551–6413 or Chief Counsel’s
Office at (202) 551–6821; SEC, Division
of Investment Management, Chief
Counsel’s Office, 100 F Street NE,
Washington, DC 20549–8010.
The following is a notice of
applications for deregistration under
section 8(f) of the Investment Company
Act of 1940 for the month of February
2020. A copy of each application may be
obtained via the Commission’s website
by searching for the file number, or for
an applicant using the Company name
box, at https://www.sec.gov/search/
search.htm or by calling (202) 551–
8090. An order granting each
application will be issued unless the
SEC orders a hearing. Interested persons
may request a hearing on any
application by writing to the SEC’s
Secretary at the address below and
serving the relevant applicant with a
copy of the request, personally or by
mail. Hearing requests should be
received by the SEC by 5:30 p.m. on
March 24, 2020, and should be
accompanied by proof of service on
VerDate Sep<11>2014
16:20 Mar 04, 2020
Jkt 250001
Franklin Templeton Global Trust [File
No. 811–04450]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. On October 10,
2019, applicant made liquidating
distributions to its shareholders based
on net asset value. Expenses of $19,485
incurred in connection with the
liquidation were paid by the applicant
and the applicant’s investment adviser.
PO 00000
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Filing Dates: The application was
filed on February 14, 2020.
Applicant’s Address: 300 South East
2nd Street, Fort Lauderdale, Florida
33301–1923.
Latin American Discovery Fund, Inc.
[File No. 811–06574]
Summary: Applicant, a closed-end
investment company, seeks an order
declaring that it has ceased to be an
investment company. On November 23,
2018, applicant made liquidating
distributions to its shareholders based
on net asset value. Expenses of $77,500
incurred in connection with the
liquidation were paid by the applicant.
Filing Dates: The application was
filed on January 10, 2020, and amended
on January 15, 2020.
Applicant’s Address: The Latin
American Discovery Fund, Inc., c/o
Morgan Stanley Investment
Management Inc., 522 Fifth Avenue,
New York, New York 10036.
Orinda Preferred Yield Plus Fund [File
No. 811–23281]
Summary: Applicant, a closed-end
investment company, seeks an order
declaring that it has ceased to be an
investment company. Applicant has
never made a public offering of its
securities and does not propose to make
a public offering or engage in business
of any kind.
Filing Date: The application was filed
on December 13, 2019.
Applicant’s Address: 3390 Mount
Diablo Boulevard, Suite 250, Lafayette,
California 94549.
Sierra Total Return Fund [File No. 811–
23137]
Summary: Applicant, a closed-end
investment company, seeks an order
declaring that it has ceased to be an
investment company. Applicant has
never made a public offering of its
securities and does not propose to make
a public offering or engage in business
of any kind.
Filing Dates: The application was
filed on December 26, 2019, and
amended on February 24, 2020.
Applicant’s Address: 280 Park
Avenue, 6th Floor East, New York, New
York 10017.
Silverpeak Credit Company, Inc. [File
No. 811–23388]
Summary: Applicant, a closed-end
investment company, seeks an order
declaring that it has ceased to be an
investment company. Applicant has
never made a public offering of its
securities and does not propose to make
a public offering or engage in business
of any kind.
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Federal Register / Vol. 85, No. 44 / Thursday, March 5, 2020 / Notices
Filing Dates: The application was
filed on December 26, 2019.
Applicant’s Address: c/o Silverpeak
Credit Partners LP, 40 West 57th Street,
29th Floor, New York, New York 10019.
For the Commission, by the Division of
Investment Management, pursuant to
delegated authority.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–04474 Filed 3–4–20; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–88304; File No. SR–
NASDAQ–2020–008]
Self-Regulatory Organizations; The
Nasdaq Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Amend Rule
5702
February 28, 2020.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on February
14, 2020, The Nasdaq Stock Market LLC
(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘Commission’’) the proposed
rule change as described in Items I and
II below, which Items have been
prepared by the Exchange. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Rule 5702 to allow the listing of nonconvertible bonds issued by certain
companies not listed on Nasdaq, NYSE
American or NYSE and to remove
language that is no longer applicable.
The text of the proposed rule change
is set forth below. Proposed new
language is italicized; deleted text is in
brackets.
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5702. Debt Securities (Other Than
Convertible Debt)
(a) For initial listing of a nonconvertible bond, the following
conditions must be satisfied:
(1) The principal amount outstanding
or market value must be at least $5
million; and
(2) the security must be characterized
by one of the following conditions:
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
16:20 Mar 04, 2020
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
In November 2018, the Commission
approved amendments to the
Exchange’s rules that permit the
1 15
VerDate Sep<11>2014
(A) The issuer of the non-convertible
bond must have one class of equity
security that is listed on Nasdaq, NYSE
American or the New York Stock
Exchange (‘‘NYSE’’)[.];
(B) an issuer of equity securities listed
on Nasdaq, NYSE American or NYSE
directly or indirectly owns a majority
interest in, or is under common control
with, the issuer of the non-convertible
bond;
(C) an issuer of equity securities listed
on Nasdaq, NYSE American or NYSE
has guaranteed the non-convertible
bond;
(D) a nationally recognized securities
rating organization (an ‘‘NRSRO’’) has
assigned a current rating to the nonconvertible bond that is no lower than
an S&P Corporation ‘‘B’’ rating or
equivalent rating by another NRSRO; or
(E) if no NRSRO has assigned a rating
to the issue, an NRSRO has currently
assigned:
(i) An investment grade rating to an
immediately senior issue; or
(ii) a rating that is no lower than an
S&P Corporation ‘‘B’’ rating, or an
equivalent rating by another NRSRO, to
a pari passu or junior issue.
[The Exchange anticipates that it will
not be ready, prior to the Second
Quarter of 2019, to list the nonconvertible bonds of issuers whose
equity securities are listed on NYSE
American or NYSE. The Exchange will
post a notification via a Trader Alert at
least seven days prior to accepting
applications from issuers to list such
non-convertible bonds.]
(b)–(c) No change.
*
*
*
*
*
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Fmt 4703
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12953
Exchange to list and trade nonconvertible corporate debt securities
(referred to herein as ‘‘bonds’’ or ‘‘nonconvertible bonds’’) on the Nasdaq Bond
Exchange.3 Under the Exchange’s listing
rules, a non-convertible bond is eligible
for initial listing on the Exchange only
if it has a principal amount outstanding
or market value of at least $5 million
and its issuer concurrently lists at least
one class of an equity security on
Nasdaq, the New York Stock Exchange
(‘‘NYSE’’), or NYSE American.4 In order
to remain listed, a non-convertible bond
must maintain a market value or
principal amount outstanding of at least
$400,000 and the issuer must continue
to be able to meet its obligations on the
listed non-convertible bonds.5 A
company that has non-convertible
bonds listed on the Nasdaq Bond
Exchange also must make prompt public
disclosure of material information that
would reasonably be expected to affect
the value of its listed bonds or influence
investors’ decisions regarding such
bonds.6
While Rule 5702(a)(2) allows Nasdaq
to list the non-convertible bonds of an
issuer that concurrently lists at least one
class of an equity security on Nasdaq,
NYSE or NYSE American, the Exchange
noted in its proposal for the Nasdaq
Bond Exchange that upon the effective
date of its proposal the Exchange would
be capable of listing and trading nonconvertible bonds only of issuers that
list equity securities on Nasdaq.7 The
Exchange stated that it expected to be
ready to list and trade bonds of issuers
with equity securities listed on NYSE or
NYSE American by the second quarter
of 2019.8
On May 13, 2019, Nasdaq announced
that it was prepared to list and trade
bonds of issuers with equity securities
listed on NYSE or NYSE American 9 and
Nasdaq began accepting applications to
list those bonds on May 20, 2019. Given
3 See Securities Exchange Act Release No. 84575
(November 13, 2018), 83 FR 58309 (November 19,
2018) (approving SR–NASDAQ–2018–070, as
modified by Amendment Nos. 1–3) (‘‘Approval
Order’’).
4 Rule 5702(a).
5 Rule 5702(b).
6 Rule 5702(c). Companies must provide notice of
such disclosure to Nasdaq’s MarketWatch
Department. This obligation to disclose material
information includes material information about the
company’s equity securities to the extent the
information would reasonably be expected to affect
the value of, or influence investors’ decisions to
invest in, the listed bonds, even if those equity
securities are listed on another national securities
exchange.
7 See Approval Order at footnote 11.
8 See id.
9 See Nasdaq Data News #2019–3, available at
https://www.nasdaqtrader.com/
TraderNews.aspx?id=dn2019-3.
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]]>Agencies
[Federal Register Volume 85, Number 44 (Thursday, March 5, 2020)]
[Notices]
[Pages 12952-12953]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-04474]
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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 33808]
Notice of Applications for Deregistration Under Section 8(f) of
the Investment Company Act of 1940
February 28, 2020.
The following is a notice of applications for deregistration under
section 8(f) of the Investment Company Act of 1940 for the month of
February 2020. A copy of each application may be obtained via the
Commission's website by searching for the file number, or for an
applicant using the Company name box, at https://www.sec.gov/search/search.htm or by calling (202) 551-8090. An order granting each
application will be issued unless the SEC orders a hearing. Interested
persons may request a hearing on any application by writing to the
SEC's Secretary at the address below and serving the relevant applicant
with a copy of the request, personally or by mail. Hearing requests
should be received by the SEC by 5:30 p.m. on March 24, 2020, and
should be accompanied by proof of service on applicants, in the form of
an affidavit or, for lawyers, a certificate of service. Pursuant to
Rule 0-5 under the Act, hearing requests should state the nature of the
writer's interest, any facts bearing upon the desirability of a hearing
on the matter, the reason for the request, and the issues contested.
Persons who wish to be notified of a hearing may request notification
by writing to the Commission's Secretary.
ADDRESSES: The Commission: Secretary, U.S. Securities and Exchange
Commission, 100 F Street NE, Washington, DC 20549-1090.
FOR FURTHER INFORMATION CONTACT: Shawn Davis, Assistant Director, at
(202) 551-6413 or Chief Counsel's Office at (202) 551-6821; SEC,
Division of Investment Management, Chief Counsel's Office, 100 F Street
NE, Washington, DC 20549-8010.
Chou America Mutual Funds [File No. 811-22394]
Summary: Applicant seeks an order declaring that it has ceased to
be an investment company. On July 31, 2019, applicant made liquidating
distributions to its shareholders based on net asset value. Expenses of
$32,432.84 incurred in connection with the liquidation were paid by the
applicant's investment adviser.
Filing Date: The application was filed on October 24, 2019.
Applicant's Address: Three Canal Plaza, Suite 600, Portland, Maine
04101.
Dreyfus Funds, Inc. [File No. 811-01018]
Summary: Applicant seeks an order declaring that it has ceased to
be an investment company. The applicant has transferred its assets to
BNY Mellon Small/Mid Cap Growth Fund, a series of BNY Mellon Investment
Funds I. Expenses of $164,048 incurred in connection with the
reorganization were paid by the applicant.
Filing Date: The application was filed on November 14, 2019.
Applicant's Address: c/o BNY Mellon Investment Adviser, Inc., 240
Greenwich Street, New York, New York 10286.
Franklin Templeton Global Trust [File No. 811-04450]
Summary: Applicant seeks an order declaring that it has ceased to
be an investment company. On October 10, 2019, applicant made
liquidating distributions to its shareholders based on net asset value.
Expenses of $19,485 incurred in connection with the liquidation were
paid by the applicant and the applicant's investment adviser.
Filing Dates: The application was filed on February 14, 2020.
Applicant's Address: 300 South East 2nd Street, Fort Lauderdale,
Florida 33301-1923.
Latin American Discovery Fund, Inc. [File No. 811-06574]
Summary: Applicant, a closed-end investment company, seeks an order
declaring that it has ceased to be an investment company. On November
23, 2018, applicant made liquidating distributions to its shareholders
based on net asset value. Expenses of $77,500 incurred in connection
with the liquidation were paid by the applicant.
Filing Dates: The application was filed on January 10, 2020, and
amended on January 15, 2020.
Applicant's Address: The Latin American Discovery Fund, Inc., c/o
Morgan Stanley Investment Management Inc., 522 Fifth Avenue, New York,
New York 10036.
Orinda Preferred Yield Plus Fund [File No. 811-23281]
Summary: Applicant, a closed-end investment company, seeks an order
declaring that it has ceased to be an investment company. Applicant has
never made a public offering of its securities and does not propose to
make a public offering or engage in business of any kind.
Filing Date: The application was filed on December 13, 2019.
Applicant's Address: 3390 Mount Diablo Boulevard, Suite 250,
Lafayette, California 94549.
Sierra Total Return Fund [File No. 811-23137]
Summary: Applicant, a closed-end investment company, seeks an order
declaring that it has ceased to be an investment company. Applicant has
never made a public offering of its securities and does not propose to
make a public offering or engage in business of any kind.
Filing Dates: The application was filed on December 26, 2019, and
amended on February 24, 2020.
Applicant's Address: 280 Park Avenue, 6th Floor East, New York, New
York 10017.
Silverpeak Credit Company, Inc. [File No. 811-23388]
Summary: Applicant, a closed-end investment company, seeks an order
declaring that it has ceased to be an investment company. Applicant has
never made a public offering of its securities and does not propose to
make a public offering or engage in business of any kind.
[[Page 12953]]
Filing Dates: The application was filed on December 26, 2019.
Applicant's Address: c/o Silverpeak Credit Partners LP, 40 West
57th Street, 29th Floor, New York, New York 10019.
For the Commission, by the Division of Investment Management,
pursuant to delegated authority.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-04474 Filed 3-4-20; 8:45 am]
BILLING CODE 8011-01-P
